Property Owners' Fee

The Property Owners Fee or (POF)  is Property Ownership Association money. The annual fees are designed to create a working and capital fund for the property owners association. These funds are needed because unlike the US or Canada, once the streets and other infrastructure are completed, the developer does not hand them over to the municipality. Likewise, security will be self coverage as the local police force will not provide adequate coverage for the owners at Gran Pacifica.

The moneys collected will be used for the maintenance of streets, storm sewer, sidewalks, streetlights, fire hydrants and associated water system, and police security for phase 1. The calculated amount, $2.62 per square meter of lot size, also factors in a complete replacement of the listed infrastructure in 15 years. The goal of Gran Pacifica was to over-estimate the needs and collect more money than needed to prevent assessments from becoming necessary. The money belongs to the Property Owners Association and that entity will control rates and assessments beginning in January 2006.